JPMorgan's Ax Man

Well known for his love of the ax, JPMorgan CEO and cost cutter extraordinaire Jamie Dimon has begun to trim the fat from his new (and hopefully) improved investment bank. Within the past two days, 200 executives were shown the door. And rumor has it that when the ax is done coming down, 50 percent of all investment banking employees, including half of the first-year analyst class, will be gone.

So far the cuts have mostly affected junior bankers and have included half of the firm’s M&A department. They're the result of lackluster business and not the acquisition of Bear Stearns. They're also far from over.

As the end of the month and the beginning of a new era at JPMorgan approaches – the Bear Stearns deal is supposed to officially close by June 1 – expect hundreds of more JPMorgan employees walking to the train and their cars with pink slips and resumes in hand.

Featured Companies

X

Comments Policy

Vault.com encourages you to express your opinions and engage in discussions with one another by leaving comments on our site. While we promote an open forum, please follow these guidelines to ensure an enjoyable and welcoming environment for all our readers. Vault.com does not review or moderate all comments but we reserve the right to remove or edit content once posted.

Respect one another. Debates are great, but attacks are not. Please refrain from posting offensive, obscene, threatening or abusive comments. If you personally attack other readers or writers, your comment(s) and responses to those comments may be removed from the discussion. Attacks create a hostile environment that discourages discussion. You are fully responsible for libelous or defamatory comments.

Hate-speech will not be tolerated. Comments containing racism, homophobia, sexism, or any other form of hate-speech have no place on our site.

Keep your language in check. Vulgar posts may offend other readers. Our filters are fairly tolerant, allowing for quite a bit of colorful/questionable language, but too many obscenities may prevent a comment from posting. In addition, in some cases, if a post is still too vulgar, a moderator may later remove or edit it.

Please note that comments may be edited by the moderator for any reason, including but not limited to language.

Stay on topic. Comments should be related to the topic discussed in the associated article or blog post. In order to keep the conversation relevant, off-topic comments may be edited or removed.

Don't impersonate someone else. You may not use a false e-mail address, impersonate any person or entity, or otherwise mislead as to the origin of your comments. If we believe you've impersonated someone else, we reserve the right to remove the comment.

Spam and commercial content will be removed. We do not welcome comments containing copy used for commercial purposes or for soliciting funds. If we see them, we reserve the right to remove them.

Readers may "report" concerns about other reader comments. Please use the "Report Abuse" link to flag inappropriate content. If a reader reports a concern, moderators will try to review that concern as soon as possible. This may take a few days although we hope to review comments more quickly. We do not remove every comment that has been reported and we cannot respond individually to every report.

Stop and think before you comment. We won't remove comments because a reader or writer regrets a post. Please remember that these comments are searchable and a comment history has a long life on the web.

Don't include personal information in your comments. We strongly discourage readers from posting personal information about themselves (ex. address, telephone number, workplace) and reserve the right to remove any comments we find with personal information about other people or that violates a third party's right to privacy.

Complaints about removed comments. We reserve the right to remove comments left to protest a removed comment. Please contact us if you have any complaints about deleted comments.

Repeated abuse of our guidelines may lead to commenting privileges being suspended. If you think you've been banned by mistake, let us know.

For further questions and comments regarding commenting on Vault.com, please contact us.